Hangcha (603298) 东吴证券·2025-04-23 03:29Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's performance growth is steady, with a 15% year-on-year increase in net profit attributable to shareholders, slightly exceeding expectations [2] - The company achieved a revenue of 4.5 billion yuan in Q1 2025, representing an 8% year-on-year growth, while the net profit attributable to shareholders reached 440 million yuan, marking a 15% increase [2] - The company maintains stable profitability and cost control, with a gross margin of 20.5% and a net profit margin of 10.0% in Q1 2025 [3] - The company's exposure to the U.S. market is limited, and the impact is manageable due to pre-stocking and overseas capacity layout [4] - Future focus areas include domestic demand recovery, electrification, and advancements in smart logistics [4] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 4.5 billion yuan, a year-on-year increase of 8%, and a net profit of 440 million yuan, up 15% year-on-year [2] - The gross margin was 20.5%, remaining stable year-on-year, while the net profit margin increased by 0.4 percentage points to 10.0% [3] Market Outlook - The company has a limited exposure to the U.S. market, with revenue exposure in single digits, and has taken measures to mitigate risks [4] - The domestic market is expected to recover, driven by equipment upgrades and the replacement of manual hydraulic trucks, with a projected electrification rate of 35% by 2024 [4] - The non-U.S. market expansion remains promising, with significant opportunities in regions like Europe and Thailand [4] Profit Forecast and Valuation - The profit forecast for 2025-2027 is maintained at 22 billion, 24 billion, and 27 billion yuan respectively, with current market capitalization corresponding to P/E ratios of 11, 10, and 9 times [5]